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.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference. ♪ weighing the global economy down. at the center of them clearly we see uncertainty. you were certainty about what policymakers can and will deliver on their promises. and this is having not tangible but real effects. increasing divergence much economic fortunes and a tepid recovery. >> that's christine lagarde urging european leaders to take action and deliver on promises before the debt crisis deepens. mark grant of southwest securities joins us on set this morning. and mark, you have been someone who has kept us up to speed on a lot of things behind the scenes in europe. you're just back from china. so why don't we start off with what christine lagarde is talking about right now. >> well, you're seeing a huge slowdown, the exports from china, the export there is japan to europe are almost -- you're seeing europe in an absolute recession p c recession. china is slowing down hugely. i project a 4% growth rate
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